Question :- I am planning to add funds to my online FOREX account and I am wondering what would be the appropriate amount of money to start off with in the account to where I can generate enough revenue to earn an income off my profits. I know you need at least $1000 just to play in the market but that amount is not enough to make money on. What would I need to have in my account to where I can start compounding the little profits that I make here and there?
Answer:-
Earning a living with Forex is dependent on three factors. First, your starting account balance. Second, your actual performance level. And third, your living requirements.
If you are opening an account with $500...the answer is no...you will not be able to make a living at Forex. Even $1000, $5000, $10,000 or $25,000 would not be enough of an initial account size to make a comfortable living in the Forex market.
The next area of importance is your skill as a Forex trader or the effectiveness of the strategy that you follow. If you are a 50/50 trader and win on half of your trades and lose the other half you cannot make a living at Forex. If you have the time, the patience, the discipline and the knowledge to make at least 20 pips in 4 out of 5 days of daily trading you may have a good shot at making a living from the Forex market.
Source:- http://answers.yahoo.com/
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